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Stanbic Bank lends UAP Sh2bn for bond payment

A UAP office. The insurer issued a bond to finance its expansion and working capital requirement. FILE PHOTO | NMG

By  Victor Juma

Business Editor

Nation Media Group

Insurer UAP Holdings took a Sh2 billion loan from Stanbic Bank #ticker:CFC which it used to redeem its corporate bond on Monday, the Business Daily has established.

UAP had earlier said it would take a bank loan to retire the bond but did not disclose the identity of the institution lending it the cash.

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